(1)The Chief Officer of Municipality shall prepare in each year a budget estimate along with an Establishment Schedule of the Municipality for ensuing year, which shall be an estimate of the income and expenditure of the municipality;(2)The Chief Officer of the municipality shall place before Municipal Council or Town Council, as the case may be, not later than fifteenth day of January in each year, the budget estimate prepared under sub-section (1) along with a copy of the Establishment Schedule of the Municipality;(3)The Budget Estimate and the Establishment Schedule, shall be prepared in such form, in such manner and containing such particulars as may be prescribed;(4)The Statement referred to in sub-section (2) of section 119 shall be with the budget estimate.
